Ifrs Mam Punay Second Year PDF

Gearing Up with the New PFRS Challenges
PFRS Update Seminar
IFRS for SMEs

vs. Full IFRS
Purpose and scope
Full IFRS was largely designed for the consolidated

statements of listed companies.
Some parts of full IFRS are unnecessary, too complex or too
expensive for other sorts of reporting: e.g., unconsolidated
statements or most unlisted companies.
IFRS for SMEs, published in July 2009, is designed for this
other reporting.
Some unlisted companies are publicly accountable, e.g. banks
or insurance companies, so cannot use IFRS for SMEs.
IFRS for SMEs vs. Full IFRS

Isla Lipana & Co., a member firm of PricewaterhouseCoopers
September 18, 2009

Slide 2
IASBs intended SME-IFRS scope
Entities
Listed
Unlisted
Publicly
accountable

Not publicly
accountable
September 18, 2009

Slide 3
Overview of SME-IFRS
SME-IFRS is 230 pages long (plus illustrative financial

statements, presentation and disclosure checklist and basis
for conclusions).
There are 35 sections on various accounting topics, plus a
preface and a glossary.
Amendments are expected every three years.

September 18, 2009

Slide 4
High-level comparison with full IFRS
Shorter.
Less frequent amendment.
Simplifications:
- Deleted topics;
- Simpler recognition and measurement;
- Deleted options;
- Inserted options; and
- Fewer disclosures.

September 18, 2009

Slide 5
Deleted topics from full IFRS
Earnings per share;

Interim financial reporting;
Segment reporting; and
Special accounting for assets held for sale.

September 18, 2009

Slide 6
Agenda/Contents
Section 1: Concepts and basic principles

Section 2: Financial Statements
Section 3: Income and expenses
Section 4: Financial assets and liabilities
Section 5: Non-financial assets
Section 6: Investments in associates and joint ventures
Section 7: Business combinations
Section 8: Employee benefits
Section 9: Income taxes
Section 10: Others
1: Concepts and basic principles
Concepts and basic principles
Measurement bases
Full IFRS
IFRS for SMEs
Measurement bases include

historical cost, current cost,
realizable value, and present
value.
Investment properties,
biological assets and certain
categories of financial
instruments are carried at FV.
Items are usually accounted for

at historical cost.

Certain categories of financial

instruments, investments in
associates and joint ventures,
investment properties and
agricultural assets are carried
at FV.
September 18, 2009
Slide 9
Concepts and basic principles
Qualitative characteristics
Full IFRS
IFRS for SMEs
Four qualitative characteristics: Principal qualitative

understandability, relevance,
characteristics:
reliability and comparability
understandability, relevance,
materiality, reliability, substance
over form, prudence,
completeness, comparability,
timeliness and achieving a
balance between benefits and
cost.

September 18, 2009

Slide 10
2: Financial Statements
Financial Statements
General requirements
Full IFRS
IFRS for SMEs
1. Compliance
Same.
2. Going concern
3. Departure from the
standard
4. Comparative information

September 18, 2009

Slide 12
Components of financial statements
Full IFRS
IFRS for SMEs
Four or five main statements

should be presented balance
sheet, statements of income
and comprehensive income,
changes in equity and cash
flows.
Under certain circumstances,

an entity may present a
combined statement of income
and retained earnings.

September 18, 2009

Slide 13
Comparative periods
Full IFRS
IFRS for SMEs
When an entity applies an

accounting policy
retrospectively, correction of
error, or reclassifications, it
includes a balance sheet as at
the beginning of earliest period
presented.
No such requirement. Only

one year comparative is
required under these
circumstances.

September 18, 2009

Slide 14
Information about key estimates and judgments
Full IFRS
IFRS for SMEs
Disclose key sources of

Similar with full IFRS but
estimation and judgment used sensitivity analysis is not
by management in preparing
required.
the financial statements.
Sensitivity analysis is required.

September 18, 2009

Slide 15
3: Income and expenses
Income and expenses
Definitions
Full IFRS
IFRS for SMEs
Same
Income increases in
economic benefits during the
reporting period in the form
of inflows or enhancements
of assets; or decreases in
liabilities that result in
increases in equity, other
than those relating to
contributions from equity
investors
September 18, 2009

Slide 17
Income and expenses
Definitions
Full IFRS
IFRS for SMEs
Revenue is income that

Same
arises in the course of an
entitys ordinary activities. It
is referred to by a variety of
terms including sales, fees,
interest, dividends, royalties
and rent

September 18, 2009

Slide 18
Income and expenses
Revenue recognition
Full IFRS
IFRS for SMEs
In general, includes the

Same
probability that the economic
benefits associated with the
transaction will flow to the
entity and that the revenue
and costs can be measured
reliably.
Additional recognition
criteria apply within each
broad category of revenue
September 18, 2009

Slide 19
Income and expenses
Revenue recognition
Full IFRS
IFRS for SMEs
Broad Categories:
Sale of goods
Rendering of services
Construction contracts
Use by others of an entitys
assets
Same

September 18, 2009

Slide 20
Income and expenses
Measurement
Full IFRS
IFRS for SMEs
Measurement of revenue at
the fair value of the
consideration received or
receivable is required
Same

September 18, 2009

Slide 21
Income and expenses
Sale of goods
Full IFRS
IFRS for SMEs
In addition to the general

revenue recognition, revenue
from the sale of goods is
recognized when:
Same
The entity has transferred to the

buyer the significant risks and
rewards of ownership of goods, and
Retains neither continuing
managerial involvement not
effective control over the goods sold

September 18, 2009

Slide 22
Income and expenses
Rendering of services
Full IFRS
IFRS for SMEs
1. Service transactions are

Same
accounted for under the
percentage-of-completion
method
2. May be straight-line if under
indeterminate number of acts
over a specified period of time
3. Extent of recoverable
expenses
4. Deferred revenue
September 18, 2009

Slide 23
Income and expenses
Construction contracts
Full IFRS
IFRS for SMEs
Percentage of completion if:
Same
The buyer is able to specify the

major structural elements of the
design of the real estate before
construction begins or
The buyer acquires and supplies
construction materials and the
entity provides only construction
services

September 18, 2009

Slide 24
Income and expenses
Use by other of an entitys assets
Full IFRS
IFRS for SMEs
Interest
Royalties
Dividends
Same

September 18, 2009

Slide 25
Income and expenses
Measurement
Full IFRS
IFRS for SMEs
Measurement of revenue at
the fair value of the
consideration received or
receivable is required
Same

September 18, 2009

Slide 26
Income and expenses
Government grants
Full IFRS
IFRS for SMEs
Provides two approaches All grants recognized as

capital approach and income
income when all criteria are
approach.
met (i.e., when no future
performance conditions).
Grants related to assets are
capitalized.
Other grants to income.

September 18, 2009

Slide 27
Income and expenses
Definitions
Full IFRS
IFRS for SMEs
Same.
Expense decreases in
economic benefits during the
reporting period in the form
of outflows, depletions of
assets or incurrences of
liabilities that result in
decreases in equity other
than those relating to
distributions to equity
investors
September 18, 2009

Slide 28
Income and expenses
Expense recognition
Full IFRS
IFRS for SMEs
Same
In general, results directly
from the recognition of
assets and liabilities.
When a decrease in future
economic benefits related to
a decrease in an asset or an
increase of a liability has
arisen that can be measured
reliably
September 18, 2009

Slide 29
Income and expenses
Borrowing costs
Full IFRS
IFRS for SMEs
Borrowing costs directly

All borrowing costs are
attributable to the
expensed.
acquisition, construction or
production of a qualifying
asset are capitalized as part
of the cost of that asset.
All other borrowing costs are
expensed as incurred.

September 18, 2009

Slide 30
Income and expenses
Research and development costs
Full IFRS
IFRS for SMEs
Research costs are expensed All research and development

as incurred; development costs costs are expensed.
are capitalized and amortized,
but only when specific criteria
are met.

September 18, 2009

Slide 31
4: Financial assets and liabilities
Financial assets and liabilities
Accounting policy option
Full IFRS
IFRS for SMEs
Not applicable.
Choice of either applying the

provisions under IFRS for
SMEs or apply provisions
under IAS 39.

September 18, 2009

Slide 33
Definition
Full IFRS
IFRS for SMEs
Financial Instrument a
Same.
contract that gives rise to a
financial asset of one entity
and a financial liability or
equity instrument of another
entity

September 18, 2009

Slide 34
Measurement categories
Full IFRS
IFRS for SMEs
Four measurement
categories under IAS 39:
- FVTPL;
- Held-to-maturity;
- Loans and receivables;
and
- Available for sale.
Provides only 2 categories:

- Basic (i.e., cash, trade
receivable and payable,
loans, bonds, etc.); and
- Others (i.e., ABS, options,
warrants, forward
contracts, swaps,
derivatives, convertible
debt, etc.).

September 18, 2009

Slide 35
Initial recognition
Full IFRS
IFRS for SMEs
Recognized only when the

Same.
entity becomes a party to its
contractual provision

September 18, 2009

Slide 36
Basic financial instruments
Full IFRS
IFRS for SMEs
Not applicable.
Following instruments are accounted for

as basic financial instruments:

Cash
Debt instruments that provide fixed
unconditional returns to the holder and
do not contain provisions that could
result in the holder losing principal,
interest, pre-payment or put provisions
contingent on future events
A commitment to receive a loan that
cannot be settled in cash
Investments in non-convertible
preference shares and non-puttable
ordinary or preference shares
September 18, 2009
Slide 37
Hedging
Full IFRS
IFRS for SMEs
Hedge accounting is
Permits three types of
hedging:
permitted only on:
- Interest rate risk;
- Cash flow hedge;
- Foreign exchange risk;
- FV hedge; and
and
- Hedges of net investment
in foreign operation.
- Price risk.
Does not require quantitative
assessment of effectiveness.

September 18, 2009

Slide 38
5: Non-financial assets
Non-financial assets
INVENTORIES

September 18, 2009

Slide 40
Definition
Full IFRS
IFRS for SMEs
Same.
Inventories are assets:
Held for sale in the ordinary
course of business
In the process of production
for such sale
In the form of materials or
supplies to be consumed in
the production process or in
the rendering of services
September 18, 2009

Slide 41
Measurement and impairment
Full IFRS
IFRS for SMEs
Recognized at the lower of Recognized at the lower of

cost and net realizable
cost and selling price less
costs to complete and sell.
value.
No reference to NRV.
Borrowing costs can be
included as part of inventory Subject to impairment testing
costs if it meets criteria
at each reporting date.
under IAS 23 (R).
Borrowing costs are
recognized as expense.

September 18, 2009

Slide 42
INVESTMENT PROPERTY

September 18, 2009

Slide 43
Definition
Full IFRS
IFRS for SMEs
Same.
Investment property is a property

(land or building, or part of a
building, or both) held by the
owner or by lessee under a
finance lease to earn rentals or for
capital appreciation or both.
A property interest held for use in
the production or supply of goods
or services or for administrative
purposes is not an investment
property

September 18, 2009

Slide 44
Initial measurement
Full IFRS
IFRS for SMEs
The cost of a purchased

investment is its purchase
price plus any directly
attributable costs such as
professional fess for legal
services, property transfer
taxes and other transaction
costs.
Borrowings costs can be
capitalized.
Same.
Borrowing cost are
expensed.

September 18, 2009

Slide 45
Subsequent measurement
Full IFRS
IFRS for SMEs
Management may choose as Investment property is

its accounting policy to carry
carried at fair value if its fair
all its investment properties at
value can be measured
fair value or at cost.
reliably without undue cost
However, when an investment
or effort.
property is held by a lessee
Otherwise, the cost model is
under an operating lease, the
used.
entity follows the fair value for
all its investment properties.

September 18, 2009

Slide 46
Fair value
Full IFRS
IFRS for SMEs
Gains and losses arising from Same.

changes in the fair value of
investment property are
recognized in profit or loss.

September 18, 2009

Slide 47
Cost model
Full IFRS
IFRS for SMEs
IAS 16 Property, plant and

equipment
The cost model is consistent

with the treatment of
property, plant and
equipment (PPE).
Investment properties are
carried at cost less
accumulated depreciation
and any accumulated
impairment losses.

September 18, 2009

Slide 48
PROPERTY, PLANT AND EQUIPMENT

September 18, 2009

Slide 49
Definition
Full IFRS
IFRS for SMEs
Same.
PPE are tangible assets that:
Are held for use in the
production or supply of
goods and services, for
rental to others or for
administrative purposes, and
Expected to be used during
more than one period.

September 18, 2009

Slide 50
Definition
Full IFRS
IFRS for SMEs
Held for sale, biological

assets and others are
explicitly out of scope of IAS
16.

September 18, 2009

Slide 51
Initial measurement
Full IFRS
IFRS for SMEs
PPE is measured initially at

cost. Cost includes:
Purchase price.
Any directly attributable
costs to bring the asset to
the location and condition
necessary for it to be
capable of operating in the
manner intended by
management
Same.

September 18, 2009

Slide 52
Initial measurement
Full IFRS
IFRS for SMEs
The initial estimate of costs Borrowing costs are

of dismantling and removing
expenses.
the item and restoring the
site on which it is located
Borrowing costs can be
capitalized.

September 18, 2009

Slide 53
Full IFRS
IFRS for SMEs
In addition to cost model, the Classes of PPE are carried

revaluation model is an
at cost less accumulated
option, in which classes of
depreciation and any
PPE are carried at a
impairment losses.
revalued amount less any
and subsequent
accumulated impairment
losses.

September 18, 2009

Slide 54
Major inspection
Full IFRS
IFRS for SMEs
The cost of major inspection Same.

or replacement of parts of an
item occurring at regular
intervals over its useful life is
capitalized to the extent that
it meets the recognition
criteria of an asset. The
carrying amount of the
previous inspection or parts
replaced is derecognized.
September 18, 2009

Slide 55
Impairment
Full IFRS
IFRS for SMEs
PPE is tested for impairment Same.

when there is an indication
that the asset may be
impaired.
Existence of impairment
indicators is assessed at
each reporting date.

September 18, 2009

Slide 56
Depreciation - definition
Full IFRS
IFRS for SMEs
The systematic allocation of Same.

the depreciable amount of
an asset over its useful life

September 18, 2009

Slide 57
Components approach
Full IFRS
IFRS for SMEs
PPE may have significant

PPE may have significant
parts with different useful
parts with different useful
lives. The cost of an item of
lives. Depreciation is
PPE is allocated to its
calculated based on each
individual parts life.
significant parts, with each
part depreciated separately
Significant parts that have
the same useful and
only when the parts have
significantly different
depreciation method may be
grouped in determining the
patterns of benefit
consumption.
depreciation charge.
September 18, 2009

Slide 58
Depreciation change
Full IFRS
IFRS for SMEs
The depreciation change for Same.

each period is recognized in
the profit or loss unless it is
included in the carrying
amount of another asset

September 18, 2009

Slide 59
Depreciable amount and depreciation period
Full IFRS
IFRS for SMEs
The depreciable amount of an The depreciable amount of an

asset is allocated over its useful
asset is allocated over its
life. The residual value and the
useful life. The residual value
useful life of an asset are
and the useful life of an asset
reviewed if there is an indication
are reviewed at least each
of change since the last reporting
annual reporting date and
date and amended if
amended if expectations differ
expectations differ from previous
from previous estimates
estimates.
Change in residual value or
Change in residual value or
useful life is accounted for as
useful life is accounted for as a
change in estimate.
a change in estimate.
September 18, 2009

Slide 60
Noncurrent assets held for sale
Full IFRS
IFRS for SMEs
A plan to dispose of an asset is an
indicator of impairment that triggers

the calculation of the assets
recoverable amount for the purpose of
determining whether the asset is
impaired.
In addition, PPE is classified as held
for sale if its carrying amount will be
recovered principally through a sale
transaction rather than continuing use.
Assets held for sale, which are not
depreciated, are measured at the
lower of its carrying amount and fair
value less costs to sell.

A plan to dispose of an asset is an

indicator of impairment that
triggers the calculation of the
assets recoverable amount for the
purpose of determining whether
the asset is impaired.
September 18, 2009

Slide 61
INTANGIBLE ASSETS
OTHER THAN GOODWILL

September 18, 2009

Slide 62
Definition
Full IFRS
IFRS for SMEs
An intangible asset is an
identifiable non-monetary
asset without physical
substance. The identifiable
criterion is met when
intangible asset is separable
(that is, it can be sold,
transferred, licensed, rented
or exchanged), or where it
arises from contractual or
legal rights.
Same.

September 18, 2009

Slide 63
General principles for recognition
Full IFRS
IFRS for SMEs
Expenditure on intangibles is Same.

recognized as an asset when
it meets the recognition
criteria of an asset

September 18, 2009

Slide 64
Recognition as an expense
Full IFRS
IFRS for SMEs
Same.
Start up costs
Training
Advertising
Relocation costs
Expenditures on internally
generated intangibles such as
brands, mastheads, customer
lists, publishing titles and items
similar in substance.
Past expenses on intangible items
are not recognized as an asset

September 18, 2009

Slide 65
Initial measurement
Full IFRS
IFRS for SMEs
Same except for

development costs which are
expensed.
Cost includes: purchase price and

any costs directly attributable to
preparing the assets for intended
use
Cost of an intangible asset
acquired as part of a business
combination is its fair value at the
acquisition date
Research costs are expensed as
incurred
Development costs are capitalized
when specific criteria are met

September 18, 2009

Slide 66
Full IFRS
IFRS for SMEs
In addition to cost model, the Intangible assets are carried

at cost less any accumulated
option, in which intangible
amortization and any
assets are carried at a
losses
and subsequent
losses

September 18, 2009

Slide 67
Useful life
Full IFRS
IFRS for SMEs
In addition to cost model, the Intangible assets are carried

at cost less any accumulated
option, in which intangible
amortization and any
assets are carried at a
losses
and subsequent
losses

September 18, 2009

Slide 68
Useful life
Full IFRS
IFRS for SMEs
Useful life is either finite of

Useful life is considered to
indefinite
finite
Indefinite no foreseeable limit The useful life of an intangible
to the period over which the
asset that arises from
asset is expected to generate
contractual or other legal
net cash inflows
rights should not exceed the
For intangible assets that
period of the contractual or
arises from contractual or other
other legal rights but may be
legal rights, renewal periods
shorter depending on the
may be taken into account if
period over which the asset is
certain criteria are met.
expected to be used.
September 18, 2009

Slide 69
Impairment
Full IFRS
IFRS for SMEs
Same except that indefinite

useful life is not applicable.
Intangible assets are tested form

impairment when there is an
indication that the asset may be
impaired.
Existence of impairment indicators
is assessed at each reporting
date.
Intangibles with indefinite useful
lives are tested for impairment
annually irrespective of whether
there is an indication of
impairment.

September 18, 2009

Slide 70
6: Business combinations
Business combinations
Definition of the business
Full IFRS
IFRS for SMEs
Integrated set of activities and

assets that are capable of
being conducted and managed
to provide a return.
Integrated set of activities and

assets conducted and
managed for a the purpose of
providing either a return to
investors or lower costs of
other economic benefits to
shareholders.

September 18, 2009

Slide 72
Cost of acquisition (consideration)
Full IFRS
IFRS for SMEs
Exclude transaction costs

Includes transaction costs.
(expensed as incurred).
Requires re-measurement of No requirement to repreviously-held interest at
measure previously held
FV as part of consideration.
interest at FV.

September 18, 2009

Slide 73
Contingent considerations
Full IFRS
IFRS for SMEs
Recognized regardless of
the probability of payment.
Probability is included in
measurement of FV.
Re-measurement depends
on whether the contingent
consideration is liability or
equity.
Recognized as part of the

cost only if it is probable.
When it becomes probable,
recognized as adjustment to
cost of combination
(affecting goodwill).

September 18, 2009

Slide 74
Allocating cost of business
Full IFRS
IFRS for SMEs
Special accounting for reacquired rights, replacement of

share-based payments awards,
income taxes, employee
benefits, and indemnification
assets.
All identifiable assets and

liabilities and contingent
liabilities acquired are
recognized at FV.

September 18, 2009

Slide 75
Goodwill
Full IFRS
IFRS for SMEs
Goodwill is not the residual Goodwill is a residual.

amount anymore.
Amortization of goodwill is
Goodwill is amortized over
not permitted. It is subject to
10 years if no reliable
impairment testing annually.
estimate of useful life.
Otherwise, use useful life.
Option to measure NCI at
Subject to impairment when
FV or proportionate share
there is indicator.
method.
September 18, 2009

Slide 76
7: Investments in associates
and joint ventures
Investments in associates and joint ventures
Initial recognition
Full IFRS
IFRS for SMEs
At cost, but cost is not

At cost (transaction price).
defined in PAS28.
Difference between cost of
acquisition and share of FV
Other standards define cost
as including transaction
of net assets recognized as
goodwill, which is part of the
costs, except PFRS 3
carrying amount of
(revised).
investment.
Entity has a policy to
expense transaction costs or
include them in investment.
September 18, 2009

Slide 78
Measurement after initial recognition associates
Full IFRS
IFRS for SMEs
Investments in associates
are accounted for using the
equity method.
Some exceptions in
separate financial
statements or when
investment is classified as
held for sale.
Accounted for using either:

- Cost model;
- Equity method; or
- FV through P&L.
Investments in a listed entity
with published price
quotation should be
measured at FV.

September 18, 2009

Slide 79
Measurement after initial recognition jointly controlled entities
Full IFRS
IFRS for SMEs
Accounted for either

proportionate consolidation
or equity method.
Some exceptions in
separate financial
statements or when
investment is classified as
held for sale.
Accounted for using either:

- Cost model;
- Equity method; or
- FV through P&L.
Investments in a listed entity
with published price
quotation should be
measured at FV.

September 18, 2009

Slide 80
8: Employee benefits
Employee benefits
Defined benefit plans
Full IFRS
IFRS for SMEs
Use Projected Unit Credit

Use of PUC is required only
Method in calculating liability
if information is already
and expense.
available or can be obtained
without undue cost or effort.
Alternative method is
permitted in which salary
increases, future service,
mortality is ignored.
Explicit use of roll-forward
method.
September 18, 2009

Slide 82
Employee benefits
Defined benefit plans (pensions and retirement plans)
Full IFRS
IFRS for SMEs
Actuarial gains or loss can

either be accounted for
Immediately in OCI
Same

September 18, 2009

Slide 83
9: Income taxes
Income taxes
Income taxes
Full IFRS
IFRS for SMEs
The tax base of an asset or Tax basis of asset equals the

liability is determined based
amount deductible when the
on the expected manner of
asset is recovered through
recovery or settlement.
sale.
Deferred tax asset only
Recognized in full; use of
recognized to the extent that
valuation allowance.
it is probable that there will
be sufficient future taxable
income.
September 18, 2009

Slide 85
Income taxes
Income taxes, continued
Full IFRS
IFRS for SMEs
Initial recognition exemption No such exemption.

applies.
No specific guidance for
Use of probability-weighted
uncertain tax positions
average amount of all
(single best estimate or
possible outcome. No
weighted probability, if
probable recognition
likelihood is greater than
threshold.
50%.

September 18, 2009

Slide 86
10: Others
Others
Leases
Full IFRS
IFRS for SMEs
Operating lease expense

and income recognized on
straight-line basis.
Straight-line basis unless

payment is structured to
increase in line with
expected inflation to
compensate for the lessors
expected cost increases.

September 18, 2009

Slide 88
Others
Specialized activities
Full IFRS
IFRS for SMEs
Biological assets are

Biological assets are
measured at FV. If FV
measured at FV if such is
cannot be measured reliably,
readily determinable without
they are measured at cost
undue cost or effort.
less depreciation or
Otherwise, at cost less
impairment.
depreciation or impairment.

September 18, 2009

Slide 89
End

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Gearing Up with the New PFRS Challenges

PFRS Update Seminar

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Full IFRS was largely designed for the consolidated

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IFRS for SMEs vs. Full IFRS

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IFRS for SMEs vs. Full IFRS

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High-level comparison with full IFRS

IFRS for SMEs vs. Full IFRS

September 18, 2009

Deleted topics from full IFRS

Earnings per share;

IFRS for SMEs vs. Full IFRS

September 18, 2009

Section 1: Concepts and basic principles

1: Concepts and basic principles

Concepts and basic principles

IFRS for SMEs

Measurement bases include

Items are usually accounted for

IFRS for SMEs vs. Full IFRS

Certain categories of financial

Concepts and basic principles

IFRS for SMEs

Four qualitative characteristics: Principal qualitative

IFRS for SMEs vs. Full IFRS

September 18, 2009

IFRS for SMEs

IFRS for SMEs vs. Full IFRS

September 18, 2009

Components of financial statements

IFRS for SMEs

Four or five main statements

Under certain circumstances,

IFRS for SMEs vs. Full IFRS

September 18, 2009

IFRS for SMEs

When an entity applies an

No such requirement. Only

IFRS for SMEs vs. Full IFRS

September 18, 2009

Information about key estimates and judgments

IFRS for SMEs

Disclose key sources of

IFRS for SMEs vs. Full IFRS

September 18, 2009

3: Income and expenses

Income and expenses

IFRS for SMEs

September 18, 2009

Income and expenses

IFRS for SMEs

Revenue is income that

IFRS for SMEs vs. Full IFRS

September 18, 2009

Income and expenses

IFRS for SMEs